Australian property groups Charter Hall and Abacus Property have taken a step closer to their A$495m (US$332m) takeover of the ASX-listed Australian Unity Office Fund after signing a scheme implementation agreement.

The buyers have agreed to acquire all AOF shares that they doesn’t already hold for A$3.04 per stock, less any additional distributions other than its 3.95% distribution announced in June, according to regulatory notices.

The transaction reflects a 9.4% premium to AOF’s closing price on June 3, the day prior to the original offer, and a 9% premium to its net tangible assets per unit value, as of end-June 2019.

The AOF’s independent directors have unanimously backed the deal and recommended shareholders support the transaction.

AOF owns a portfolio of nine offices across metropolitan and CBD markets in Sydney, Adelaide, Melbourne, Brisbane and Canberra, worth a combined $635.6m, as of June 2018.